Sojin-gong and Industrial Bank Awarded Presidential Citation as Outstanding Institutions for SME Financial Support

Minister Park Young-sun Attends the 25th Small and Medium Venture Business Financial Support Awards Ceremony

Park Young-sun, Minister of SMEs and Startups

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (hereinafter referred to as the Ministry) announced that Minister Park Young-sun attended the '25th SME Financial Support Awards' ceremony held on the 17th at the Korea Federation of SMEs in Yeouido, with commercial banks and related organizations in attendance.

This year, the Small Enterprise and Market Service and Industrial Bank of Korea (Presidential Citation) were selected as excellent institutions for SME financial support, and 75 outstanding financiers, including Heo In, CEO of Kookmin Bank (Silver Tower Order of Industrial Service Merit), received the SME Financial Support Awards.

Celebrating its 25th anniversary this year, the 'SME and Startup Financial Support Awards' aims to discover and reward outstanding institutions and individuals who have contributed to SME financial support over the past year, thereby boosting employee morale and promoting financial support for SMEs and startups.

At the ceremony, Heo In, CEO of Kookmin Bank, who received the Silver Tower Order of Industrial Service Merit, was recognized for leading the revitalization of SME financial support through new product development and credit system improvements to support SMEs and startups facing management difficulties due to domestic and international economic downturns.

The Small Enterprise and Market Service, which received the Presidential Group Citation, expanded policy funds for small business owners who have difficulty using commercial banks due to lack of credit and collateral. In particular, it was acknowledged for its leading role in overcoming COVID-19 damage by supporting about 132,000 small business owners through the 'COVID-19 Damage Small Business First Financial Support Program' and the emergency '10 million KRW direct loan' for low-credit small business owners rated below grade 4.

The Industrial Bank of Korea, also awarded the Presidential Group Citation, as the top bank for SME loans, made efforts to stabilize SME management by expanding funding supply and supporting future new growth industries. It was selected for contributing to overcoming the economic crisis by supporting about 267,000 small business owners through the 'IBK Ultra-Low Interest Loan' worth 7.8 trillion KRW amid the unprecedented national crisis caused by COVID-19.

Minister Park Young-sun of the Ministry said, "As the prolonged COVID-19 pandemic is expected to cause financial deterioration and credit rating downgrades for SMEs and small business owners, bold support is needed for companies with high growth potential by evaluating them based on technology and business feasibility rather than collateral or financial statements in credit screening." she urged.

This content was produced with the assistance of AI translation services.